Penn National Gaming Sets Date for Special Meeting of Shareholders

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. October 14, 2008

NOVEMBER 8, 2007. Penn National Gaming, Inc. (PENN: Nasdaq) ("the Company") announced today that it has established a record date and meeting date for a special meeting at which its shareholders will be asked to consider and vote upon a proposal to approve and adopt the previously announced merger agreement providing for the acquisition of the Company by certain funds managed by affiliates of Fortress Investment Group LLC (NYSE: FIG) and Centerbridge Partners, L.P. Penn National shareholders of record at the close of business on Wednesday, November 7, 2007, will be entitled to notice of the special meeting and to vote on the proposal. The special shareholder meeting will be held on Wednesday, December 12, 2007, beginning at 10:00 a.m., eastern time, at the offices of Ballard Spahr Andrews & Ingersoll, LLP, 1735 Market Street, 42nd Floor, Philadelphia, PA 19103.

The Agreement and Plan of Merger, dated as of June 15, 2007, provides for, among other things, the merger of PNG Merger Sub Inc. (wholly owned by affiliates of Fortress and Centerbridge) with and into the Company, with the Company continuing as the surviving corporation after the merger and becoming a wholly owned subsidiary of PNG Acquisition Company Inc. (also wholly owned by affiliates of Fortress and Centerbridge).

If the merger is completed by June 15, 2008, Penn National Gaming shareholders will be entitled to receive $67.00 in cash, without interest, for each share of Company common stock they own, as more fully described in the definitive proxy statement filed by the Company with the U.S. Securities and Exchange Commission in connection with the special meeting. If the merger is not completed by June 15, 2008, the $67.00 per share merger consideration will be increased $0.0149 per day.

About Penn National Gaming

Penn National Gaming owns and operates gaming and racing facilities with a focus on slot machine entertainment. The Company presently operates nineteen facilities in fifteen jurisdictions, including Colorado, Florida, Illinois, Indiana, Iowa, Louisiana, Maine, Mississippi, Missouri, New Jersey, New Mexico, Ohio, Pennsylvania, West Virginia, and Ontario. In aggregate, Penn National's operated facilities feature over 23,000 slot machines, over 400 table games, approximately 1,731 hotel rooms and approximately 808,000 square feet of gaming floor space. Penn National Gaming recently announced plans to acquire Rosecroft Raceway in Fort Washington, Maryland.

About the Transaction

In connection with the proposed merger, Penn National Gaming has filed documents, including a definitive proxy statement with the Securities and Exchange Commission (the "SEC"). INVESTORS AND SECURITY HOLDERS ARE STRONGLY ADVISED TO READ THE DEFINITIVE PROXY STATEMENT, BECAUSE IT CONTAINS IMPORTANT INFORMATION. Investors and security holders may obtain a free copy of the proxy statement and other documents filed by Penn National Gaming, Inc. at the SEC's Web site at http://www.sec.gov.

The proxy statement and other such documents may also be obtained for free by directing such request to Penn National Gaming, Inc. Investor Relations, 825 Berkshire Boulevard, Wyomissing, PA 19610 or on the Company's website at www.pngaming.com. Penn National Gaming and its directors, executive officers and certain other members of its management and employees may be deemed to be participants in the solicitation of proxies from its shareholders in connection with the proposed merger. Information regarding the interests Penn National Gaming's participants in the solicitation will be included in the proxy statement relating to the proposed merger when it becomes available.